GBP/USD Price Analysis: Bounces off one-week low, struggles within short-term SMAs

GBP/USD snaps two-day losing streak.
10-day and 21-day SMA limit immediate moves below the monthly resistance line.
March 20 top on bears’ radar during further declines.

Anil Panchal FXStreet

Despite bouncing off one-week low, GBP/USD remains within 10-day and 21-day SMA area while taking rounds to 1.2238, up 0.05%, amid the Asian session on Tuesday.

While the pair’s latest pullback from 21-day SMA propels it towards a 10-day SMA level of 1.2290, 50% Fibonacci retracement of the previous month’s drop as well as a four-week-old falling trend line, respectively near 1.2305 and 1.2355, could challenge the buyers.

Should there be a clear run-up past-1.2355, the pair buyers will target 61.8% Fibonacci retracement level of 1.2520.

Alternatively, a daily close below 21-day SMA level of 1.2180 will gradually drag the quote towards 1.20000 mark ahead of highlighting March 20 top near 1.1935.

GBP/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.2229
Today Daily Change	-3 pips
Today Daily Change %	-0.02%
Today daily open	1.2232

Trends
Daily SMA20	1.2179
Daily SMA50	1.2651
Daily SMA100	1.2855
Daily SMA200	1.2659

Levels
Previous Daily High	1.2327
Previous Daily Low	1.221
Previous Weekly High	1.2476
Previous Weekly Low	1.2205
Previous Monthly High	1.3201
Previous Monthly Low	1.1412
Daily Fibonacci 38.2%	1.2255
Daily Fibonacci 61.8%	1.2282
Daily Pivot Point S1	1.2186
Daily Pivot Point S2	1.214
Daily Pivot Point S3	1.2069
Daily Pivot Point R1	1.2302
Daily Pivot Point R2	1.2373
Daily Pivot Point R3	1.2419

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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